The absolute first step to business success, bookkeeping is the the method of capturing and recording the economic activity of your business. Without it, you have no way of having the information necessary to make the right decisions. Bookkeeping in a business firm is the basis of the firm’s accounting system. Bookkeepers are responsible for recording and classifying the accounting transactions of the business firm and techniques involving recording those transactions.
If you are a small business owner, you either have to set up your own accounting system or you have to hire someone to set it up for you. If you are self-employed and it is a one-person business, you will do it yourself. If you are hiring staff and anticipate a lot of growth, you may hire a controller to handle your financial management and accounting. If your business is going to grow but you anticipate slow growth, you may simply hire an accountant or bookkeeper to handle the accounting system.